ACCORDING TO KRUGMAN ONLY WORLD WAR II CURED THE DEPRESSION OF THE 1930'S...NOT THE NEW DEAL SPENDING...
IT IS IMPOSSIBLE UNDER NORMAL CONDITIONS TO END A DEPRESSION BY MERELY SPENDING...AT SOME POINT THE PUBLIC WILL DEMAND FISCAL RESTRAINT...
BUT GLOBAL WAR IS NOT LIKELY TO CURE THIS DEPRESSION...
SO NOW WHAT...?
THE REAL HISTORIC QUESION IS WHAT WOULD HAVE HAPPEN AFTER 1938...IF THE EVENTS OF 1939 AND 1941 HAD NOT OCCURRED...?
PERHAPS THE DEPRESSION WOULD HAVE BECOME PERMANENT...
THAT SEEMS TO BE THE FATE OF AMERICANS THIS TIME...!
GIVEN THE STRUCTURAL PROBLEMS IN THE US ECONOMY ...WITH A LACK OF AN INDUSTRIAL/EXPORT SECTOR...EVEN WORLD WAR MAY NOT BE ENOUGH...
MY ADVICE? TURN THIS MESS OVER TO THE FOX REPUBLICANS AFTER NOVEMBER...AND LET THEM DEAL WITH IT...
